BENGALURU, Sept 27 (Reuters) - Indian shares were flat in
volatile trading on Monday as IT stocks slipped from recent
highs and offset gains in the auto and bank sectors.
The blue-chip NSE Nifty 50 index rose 0.09% to
17,869.1 by 0458 GMT, and the benchmark S&P BSE Sensex
was up 0.14% at 60,130.4.
The Nifty volatility index rose 4.1%. Higher
market volatility and occasional corrections could continue as
the festive season rolls in, said AK Prabhakar, head of research
at IDBI Capital.
Indian equities, however, have continued to outperform
emerging market peers so far this year, helped by flush
liquidity and quickening COVID-19 vaccination drives.
Auto stocks were up 1.3%, as Tata Motors
rose 3% to top the Nifty 50, while peer Maruti Suzuki
Public sector banks advanced 1.3%, with Bank of
Baroda jumping more than 2%.
IT stocks snapped four straight sessions of
gains, with Wipro Ltd dropping more than 3% to lead
losses on the Nifty 50 index.
Consumer goods stocks were also lower, with
beer giant United Breweries falling as much as 4.3%
after India's antitrust watchdog on Friday imposed a penalty on
it in a case related to cartelisation of beer prices.
Takeover target Zee Entertainment also fell, after
media reports https://www.business-standard.com/article/companies/invesco-reiterates-demand-to-oust-punit-goenka-from-zee-entertainment-121092501187_1.html
that one of its largest shareholders had renewed a demand to
replace certain directors on the board.
Shares of cinema chain operators PVR Ltd and INOX
Leisure rose as much as 10% and 18.43%, respectively,
as the states of Karnataka and Maharashtra eased COVID-induced
restrictions on theatres.
Asian shares crept higher as risk sentiment turned for the
better, though a surge in oil prices to three-year highs could
inflame inflation fears and aggravate the recent hawkish turn by
some major central banks.
(Reporting by Soumyajit Saha in Bengaluru; Editing by